Greens Treasury spokesperson, Senator Nick McKim, has responded to today’s decision by the RBA to raise interest rates for the ninth consecutive time.
“The RBA is failing in its duty to ensure the economic prosperity and welfare of the people of Australia.”
“The RBA is willing to smash Australia into a recession in pursuit of policy that is only benefiting the already wealthy.
“The Treasurer needs to do two things.”
“Firstly, he needs to ask Philip Lowe for his resignation.”
“Secondly, he needs to use the powers he has to reverse today’s decision by the RBA.”
“Consumer sentiment is at the lowest level since the GFC.”
“The volume of retail sales is falling.”
“Meanwhile, the stock market is at a near record high.”
“The rich are getting richer while mortgage holders, renters, workers and small businesses are all copping it.”
“This blast of interest rate increases were never the right response to inflation driven by supply shocks and corporate profiteering.”
“But with the evidence pointing to inflation having already peaked, the RBA is now just being belligerent.”
“Section 11 of the Reserve Bank Act gives the government the ‘ultimate power to determine the policy of the bank’.”
“It’s time for the Treasurer to stop ducking for cover and start using his power to bring into line an RBA board that is running cover for corporate interests.”
“It’s also time for the Treasurer to introduce super-profits taxes to tackle corporate profiteering and provide immediate cost-of-living, such as free childcare, putting dental into Medicare, and introducing a freeze on rents.”